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1. Choose a product you have purchased in the past month from a clothing or shoe store. 2. Describe how each of the 4 factors contributed to the elasticity of the good.
Carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically competitive industry if firms are making a positive profit in the short run.
Question 1. Industry supply and demand are given by QD = 1000 - 2P and QS = 3P. What is the equilibrium price and quantity? At a price of $100.00, what will the quantity be?
Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buy
A change in the real money supply can result either from a change in the nominal money supply through Federal Reserve policy (holding the price level constant) or from a change in the price level (h
Discuss in detail ONE factor of how government involvement in the marketplace can impact or not impact the economy. Give a real life example of this factor at work.
What measures did the country's central bank adopt in the 2008 period, in the face of the worsening global financial crisis? Name 2-3 key measures & describe briefly how it was implemented.
Problem 1. Distinguish between the resource market and the producer market in a circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flo
If the government of Amityville used a subsidy of $S per unit to encourage the optimal amount of chocolate production, what level should that subsidy be?
Kidney's (transplant) are not allocated through markets. What are the pros and cons of switching to a market for kidneys?
The average total cost of operating a clinic is $800 per patient if the volume is 100 patients, and $790 per patient if the volume is 110 patients. What is the total cost at each of these two volume
Efficiency is a hot topic in the media regarding transportation, energy, and many other industries. Explain how perfectly competitive markets use or do not use resources efficiently.
What is the discount rate in the banking system, and explain how the Fed manipulates this rate in order to achieve macroeconomic objectives.
Please explain. What do you think will occur to the price of marijuana if its purchase and sale are legalized? Be specific as to changes in the supply and demand curves. Personal opinion welcome.
Problem: Explore the different measures of the money supply, and explain why the different definitions are important.
Q1. What is the equilibrium price and quantity? Q2. Draw the demand and supply curves. If this represents perfect competition, are the curves individualfirm or market curves? How is the quantity su
Describe the supply and demand shifts that are occurring for this firm. What recommendations do you have for Speedy to offset the impact of their increasing costs? What recommendations do you have f
Question 1: What are the conditions for a perfectly competitive market? Question 2: What are the conditions for a monopolistic market? Question 3: What are the conditions for a monopolistic competitiv
If consumer incomes increase to $30,000, what will be the new equilibrium price and the new equilibrium quantity?
1. If Redstone wanted to minimize average total cost, it would produce how many units? 2. If Redstone wishes to maximize profit MARGIN, it should produce how many units.
What are possible causes of a rightward or leftward shift in the demand curve? What are the possible causes of a rightward or leftward shift in the supply curve? What the short and long-term effects
The cost to place and process an order from the supplier is $ 75. The company operates 300 days per year and the lead time to receive an order from the supplier is 8 working days. a) Find the econom
Which country has the absolute advantage in the production of tanks? Why is it this country? Which country has the comparative advantage in the production of computers? How did you determine your an
Question: What factors shift your demand for goods (note: price is not a demand shifter)? Give an example of how a demand determinant shifted your demand for a good.
The Federal Reserve System regulates the money supply primarily by: a. controlling the production of coins at the United States mint. b. altering the reserve requirements of commercial banks and there